A new, efficient method for the characterization of magnetic colloids based on the Faraday effect is proposed. According to the main principles of this technique, it is possible to detect the stray magnetic field of the colloidal particles induced inside the magnetooptical layer. The magnetic properties of individual particles can be determined providing measurements in a wide range of magnetic fields. The magnetization curves of capped colloids and paramagnetic colloids were measured by means of the proposed approach. The registration of the magnetooptical signals from each colloidal particle in an ensemble permits the use of this technique for testing the magnetic monodispersity of colloidal suspensions.